Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>The Constitutional Court's ruling that the Bt400bn emergency borrowing decree is constitutional reinforces policy continuity and the government's ability to advance its economic agenda, providing a positive sentiment boost to domestic consumption plays (CPAXT, GULF, GUNKUL).</li><li>We expect the electronics sector to rebound, tracking the recovery in global technology stocks.</li><li>Foreign investors have remained net buyers of Thai equities for six consecutive trading sessions, with cumulative net inflows exceeding Bt26bn in July 2026.</li></ul>

The Constitutional Court's ruling that the Bt400bn emergency borrowing decree is constitutional reinforces policy continuity and the government's ability to advance its economic agenda, providing a positive sentiment boost to domestic consumption plays (CPAXT, GULF, GUNKUL).We expect the electronics sector to rebound, tracking the recovery in global technology stocks.Foreign investors have remained net buyers of Thai equities for six consecutive trading sessions, with cumulative net inflows exceeding Bt26bn in July 2026.

Krungthai XSpring Zoom Eng. July 10, 2026

Technical Analysis

<ul><li>The index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly.</li><li>Positive sentiment remains supported by continued fund inflows, while the RSI is still comfortably below the overbought zone and the MACD has crossed above its signal line.</li><li>Accordingly, we continue to recommend buying on dips, with a focus on domestic plays and laggard stocks, which we believe will remain in investors' focus.</li></ul>

The index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly.Positive sentiment remains supported by continued fund inflows, while the RSI is still comfortably below the overbought zone and the MACD has crossed above its signal line.Accordingly, we continue to recommend buying on dips, with a focus on domestic plays and laggard stocks, which we believe will remain in investors' focus.

Krungthai XSpring Technical Eng. July 3, 2026

Thematic (Sector/Industry)

<ul><li>Crude oil prices remain below USD80/bbl as shipping through the Strait of Hormuz has resumed normal operations.</li><li>The government is set to launch the "Thailand Fast Pass" initiative this afternoon to remove legal and investment bottlenecks.</li><li>The Joint Public-Private Consultative Committee aims to drive GDP growth above 3% through enhanced trade and investment development.</li></ul>

Crude oil prices remain below USD80/bbl as shipping through the Strait of Hormuz has resumed normal operations.The government is set to launch the "Thailand Fast Pass" initiative this afternoon to remove legal and investment bottlenecks.The Joint Public-Private Consultative Committee aims to drive GDP growth above 3% through enhanced trade and investment development.

Krungthai XSpring Zoom Eng. June 23, 2026

<ul><li>The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.</li><li>The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.</li><li>We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.</li></ul>

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.

Krungthai XSpring Technical Eng. June 4, 2026

<ul><li>Middle East tensions re-escalate after Iran announced the suspension of negotiations with the US and signaled plans to close the Strait of Hormuz in response to Israel’s continued military operations in Lebanon.</li><li>The “Thai Chuay Thai Plus” program officially launched yesterday (June 1), generating more than Bt1bn in spending from over 5mn participants on its first day.</li><li>Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private consumption.</li></ul>

Middle East tensions re-escalate after Iran announced the suspension of negotiations with the US and signaled plans to close the Strait of Hormuz in response to Israel’s continued military operations in Lebanon.The “Thai Chuay Thai Plus” program officially launched yesterday (June 1), generating more than Bt1bn in spending from over 5mn participants on its first day.Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private consumption.

United States

TrueCar, Inc. develops and publishes an online automotive information and communication platform. The Company provides data and price reports for cars both online and over the phone for consumers and a communications platform for automobile dealers to communicate with consumers. TrueCar serves customers throughout the United States.

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Truecar Inc (TRUE US)

Krungthai XSpring Zoom Eng. July 10, 2026

The Constitutional Court's ruling that the Bt400bn emergency borrowing decree is constitutional reinforces policy continuity and the government's...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 3, 2026

The index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly. Positive sentiment remains supported by...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 23, 2026

The Joint Public-Private Consultative Committee aims to drive GDP growth above 3% through enhanced trade and investment development.

Krungthai XSpring

Krungthai XSpring Technical Eng. June 4, 2026

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 2, 2026

Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private...

Krungthai XSpring

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